{"id":11670,"date":"2019-06-19T12:09:24","date_gmt":"2019-06-19T12:09:24","guid":{"rendered":"http:\/\/localhost:8080\/?p=11670"},"modified":"2019-06-19T12:09:24","modified_gmt":"2019-06-19T12:09:24","slug":"resultats-financiers-d-orange-du-1er-trimestre-2019","status":"publish","type":"post","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/2019\/06\/19\/resultats-financiers-d-orange-du-1er-trimestre-2019\/","title":{"rendered":"R\u00e9sultats financiers d’Orange du 1er trimestre 2019"},"content":{"rendered":"

[French version here\/English version below<\/em>]<\/p>\n

Dans le cadre du Comit\u00e9 de Groupe Europ\u00e9en d’Orange des 4, 5 et 6 juin 2019 \u00e0 Amsterdam, la Direction du Groupe a inscrit un point \u00e0 l’ordre du jour relatif aux R\u00e9sultats financiers d\u2019Orange au premier trimestre 2019 pr\u00e9sent\u00e9 par Pascal Marchand, Directeur du Contr\u00f4le de Gestion Central Groupe.<\/p>\n

Sans revenir dans le d\u00e9tail sur les donn\u00e9es financi\u00e8res pr\u00e9sent\u00e9es par Pascal Marchand – elles ont d\u00e9j\u00e0 fait l\u2019objet d\u2019un sujet dans d\u2019autres instances, notamment en CCUES et donc de pr\u00e9c\u00e9dentes restitutions – voici toutefois quelques informations sur les principaux pays en Europe :  <\/p>\n

L\u2019Espagne qui \u00e9tait jusqu\u2019\u00e0 pr\u00e9sent le gros moteur de la croissance en Europe ralentit ce trimestre avec seulement +0,4 % de CA.<\/p>\n

En Pologne, la tendance continue \u00e0 s\u2019am\u00e9liorer depuis plusieurs trimestres. Il semble que ce soit le signe d\u2019une durabilit\u00e9 du retournement de la situation dans ce pays. Le CA a augment\u00e9 de +2,6 % hors ventes d\u2019\u00e9quipements.<\/p>\n

Il n\u2019est pas inint\u00e9ressant de savoir que ce pays r\u00e9alise un CA non n\u00e9gligeable dans le secteur de l\u2019\u00e9nergie. La prestation qui consiste \u00e0 acheter et revendre de l\u2019\u00e9lectricit\u00e9 a cependant une marge faible (<10%) bien loin de celle des services de communications \u00e9lectroniques. <\/p>\n

En Belgique la tendance est bonne mais Orange y a perdu plusieurs contrats MVNO ce qui a entrain\u00e9 une baisse du chiffre d\u2019affaires Wholesale.<\/p>\n

En Roumanie la base de clients fixes poursuit sa croissance mais le CA global baisse de 2% en raison de la baisse des ventes d\u2019\u00e9quipements, et de la fin du roaming.<\/p>\n

En Slovaquie et Moldavie, le chiffre d\u2019affaires recule au premier trimestre.<\/p>\n

Il est \u00e0 noter -et \u00e0 saluer- qu\u2019\u00e0 chaque pr\u00e9sentation, le support est enrichi de nouvelles donn\u00e9es de comparaison avec les op\u00e9rateurs concurrents, ce qui nous permet de situer Orange par rapport \u00e0 ses pairs, de mieux comprendre la strat\u00e9gie et mesurer les r\u00e9sultats respectifs d\u2019Orange et ses concurrents sur les diff\u00e9rents march\u00e9s sectoriels. <\/p>\n

Les \u00e9lus ont en revanche regrett\u00e9 de ne pas disposer de donn\u00e9es plus pr\u00e9cises sur les r\u00e9sultats d\u2019Orange Bank.<\/p>\n

Alors m\u00eame que le bureau ne cesse de demander \u00e0 la Direction que la dur\u00e9e de l\u2019intervention consacr\u00e9e aux r\u00e9sultats financiers soit r\u00e9duite \u00e0 son strict minimum, les r\u00e9sultats financiers ont tout de m\u00eame occup\u00e9 l\u2019assembl\u00e9e pendant les deux premi\u00e8res heures de la s\u00e9ance pl\u00e9ni\u00e8re. Sans doute la demande des \u00e9lus n\u2019est-elle pas totalement d\u00e9nu\u00e9e de contradiction : \u00e0 la suite la pr\u00e9sentation de Pascal Marchand, les questions ont en effet \u00e9t\u00e9 nombreuses et le d\u00e9bat particuli\u00e8rement anim\u00e9, les r\u00e9sultats des choix strat\u00e9giques et \u00e9conomiques du Groupe sur les diverses g\u00e9ographies europ\u00e9ennes suscitant un vif int\u00e9r\u00eat. <\/strong><\/p>\n

En r\u00e9union pr\u00e9paratoire nous avions convenu d\u2019interroger la Direction sur l\u2019annonce de d\u00e9croissance des CAPEX qui avait \u00e9t\u00e9  faite en d\u00e9but d\u2019ann\u00e9e pour 2019. <\/strong><\/p>\n

Cette annonce semble aujourd\u2019hui d\u00e9mentie par une croissance persistante des investissements sur le premier trimestre. <\/strong><\/p>\n

Pascal Marchand a confirm\u00e9 que le montant des CAPEX devrait baisser sur l\u2019ann\u00e9e 2019,  la d\u00e9croissance s\u2019amor\u00e7ant au S2 alors que le Groupe connait encore une phase intense de d\u00e9ploiement des r\u00e9seaux THD.  <\/strong><\/p>\n

Ainsi les investissements dans le THD sont encore en hausse en France, en Espagne, en Pologne et sur la zone MEA. En comparaison, ceux de BT augmentent aussi mais ceux de T\u00e9l\u00e9fonica et Vodafone baissent.<\/strong><\/p>\n

Avec des investissements qui repr\u00e9sentent 18% du CA,  Orange pr\u00e9sente le ratio le plus \u00e9lev\u00e9.  S\u2019agissant du cash-flow, Orange n\u2019affiche pas non plus un bon score au regard de ses pairs malgr\u00e9 la croissance de l\u2019EBITDA.<\/strong><\/p>\n

Le contrat conclu avec Vodafone en Espagne a interpel\u00e9 les \u00e9lus. Il s\u2019agit d\u2019un contrat de partage des infrastructures mobiles en zones non denses. L\u2019accord doit se traduire par une \u00e9conomie de CAPEX sur la dur\u00e9e du contrat mais par davantage de charges en termes de  locations op\u00e9rationnelles. <\/strong><\/p>\n

Les \u00e9lus se r\u00e9servent la possibilit\u00e9 d\u2019interroger plus pr\u00e9cis\u00e9ment la Direction sur la strat\u00e9gie du Groupe au prochain Comit\u00e9 de novembre en mati\u00e8re de partage d\u2019infrastructures. Cette recherche de mutualisation de l\u2019investissement prendrait-elle le pas sur la concurrence par les infrastructures telle que privil\u00e9gi\u00e9e jusqu\u2019alors ?<\/strong><\/p>\n

La Direction a \u00e9voqu\u00e9 les exemples fran\u00e7ais dans le cadre du New Deal ou des RIP, les possibilit\u00e9s d\u2019accords crois\u00e9s, qui paraissent faire sens comme en Espagne, sont assujettis aux positions des r\u00e9gulateurs nationaux dans les autres pays europ\u00e9ens.<\/strong><\/p>\n

[English version<\/em>]<\/p>\n

As part of the Orange European Works Council held in Amsterdam on June 4th, 5th and 6th, 2019, the Group\u2019s Management has included an item on the agenda relating to Orange’s financial results for the first quarter of 2019 presented by Pascal. Merchant, Director of Central Group Management Control.<\/p>\n

Without going into detail on the information presented to us by Pascal Marchand – They have already been the subject of a topic in other forums, including CCUES and therefore previous restitutions- here are some details on the main countries in Europe:Spain, which until now has been the main driver of growth in Europe, is slowing this quarter with only + 0.4% turnover.<\/p>\n

In Poland the trend continues to improve for several quarters. It seems that this is the sign of a sustainability of the reversal of the situation. Sales increased + 2.6% excluding equipment sales.It is interesting to know that this country achieves a significant turnover in the energy sector. The provision of buying and selling electricity, however, has a low margin (< 10%) far from that of electronic communications services.<\/p>\n

In Belgium the trend is good but Orange has lost several MVNO contracts which has led to a decline in the wholesale turnover.<\/p>\n

In Romania, the fixed customer base continued to grow, but overall sales decreased by 2% due to lower equipment sales and the end of roaming.<\/p>\n

In Slovakia and Moldova, sales declined  in the first quarter.<\/p>\n

It should be noted  that at each presentation, the support is enriched with new comparative data with the competing operators, which allows us to assess Orange in relation to its competitors, to better understand the strategy and to measure the respective results of Orange and its competitors in the various sectoral markets. <\/p>\n

The elected representatives, however, regretted not having more precise data on the results of Orange Bank.<\/p>\n

Even as the office continues to ask the Management that the duration of the intervention devoted to the financial results should be reduced to a strict minimum, the financial results have still occupied the assembly during the first two hours of the plenary session. No doubt the demand of the elected representatives is not totally devoid of contradiction: following the presentation of Pascal Marchand, the questions were indeed numerous and the debate particularly animated, the results of the strategic and economic choices of the Group on the various European geographies arousing keen interest.<\/strong><\/p>\n

At the preparatory meeting we agreed to question the Management on the announcement of the decrease of CAPEX which had been made at the beginning of the year for 2019.The announcement seems today contradicted by a persistent growth of investments in the first quarter.<\/strong> <\/strong>Pascal Marchand confirmed that the amount of CAPEX should decrease in 2019, the decline starting in Semester2 while the Group is still experiencing an intense phase of deployment of THD networks.<\/strong><\/p>\n

Thus, investments in THD are still rising in France, Spain, Poland and the MEA zone. In comparison, those of BT also increase but those of Telefonica and Vodafone fall.<\/strong><\/p>\n

With investments representing 18% of sales, Orange has the highest ratio. Regarding cash flow, Orange does not show a good score in comparison with its competitors despite the growth of EBITDA.<\/strong> <\/strong>The contract signed with Vodafone in Spain interested the elected representatives. This is a contract for sharing mobile infrastructure in non-dense areas. The agreement must result in a CAPEX saving over the duration of the contract but by more expenses in terms of operating leases.<\/strong><\/p>\n

The elected representatives reserve the possibility of questioning management more closely about the strategy of the Group at the next November Committee about infrastructure sharing. <\/strong><\/p>\n

Management has referred to French examples in the context of the \u201cNew Deal\u201d agreement, the possibilities of such deals, which seem to make sense as in Spain, are subject to the positions of national regulators in other European countries.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

[French version here\/English version below] Dans le cadre du Comit\u00e9 de Groupe Europ\u00e9en d’Orange des 4, 5 et 6 juin 2019 \u00e0 Amsterdam, la Direction du Groupe a inscrit un […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[56],"tags":[],"class_list":["post-11670","post","type-post","status-publish","format-standard","hentry","category-economie-et-reglementation-des-telecoms"],"blog_post_layout_featured_media_urls":{"thumbnail":"","full":""},"categories_names":{"56":{"name":"Economie et R\u00e9glementation des T\u00e9l\u00e9coms","link":"https:\/\/dev.cfecgc-orange.app\/index.php\/category\/cit\/entreprise\/economie-et-reglementation-des-telecoms\/"}},"tags_names":[],"comments_number":"0","wpmagazine_modules_featured_media_urls":{"thumbnail":"","cvmm-medium":"","cvmm-medium-plus":"","cvmm-portrait":"","cvmm-medium-square":"","cvmm-large":"","cvmm-small":"","full":""},"_links":{"self":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/11670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/comments?post=11670"}],"version-history":[{"count":0,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/posts\/11670\/revisions"}],"wp:attachment":[{"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/media?parent=11670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/categories?post=11670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.cfecgc-orange.app\/index.php\/wp-json\/wp\/v2\/tags?post=11670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}